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12 Money Saving Tips for Businesses

 

1. Evaluate your communications needs on a regular basis.

We often pick a phone package with only the basic understanding of how much we really use. Monitor monthly usage and then determine if a lower package can fit your needs. Also, utilize alternate phone and web conferencing options like Skype and Yugma to lower the overall cost of communicating.

2. Send it to the right address.

Cleaning up mailing lists and using a more targeted marketing approach can save a lot of money. The US Postal Service offers a hand in correcting addresses and identifying incomplete addresses which can save real dollars in returned mail rates. Additionally, consider adding Zip+4 numbers to mail lists in order to qualify for bar-code discounts.

3. Be coupon savvy.

Searching SearchAllDeals.com can turn up coupons for many everyday business needs. And just like the grocery store, always go into an office supply store with a list in order to avoid “impulse buys” that can break the budget.

4. Team up for bigger discounts.

Play like the big dogs when it comes to the basic supplies. Large companies enjoy economies of scale when buying in bulk. While one small business has neither the need, nor the storage space for huge supply orders, building a consortium among other small businesses allows everyone to benefit from the lower price of a larger order.

5. Stay on top of legal documents and licensing.

Just one missed filing could put your business out of compliance, generating costly fines. In addition, lack of compliance could also cause lenders to lose confidence and call in loans, putting your small business into a financial tailspin.

6. Access fresh local talent.

Need a logo designed or some graphic imaging work? Consider offering the project to a nearby college of art and design. Faculty often look for ways to enhance their curriculum and talented students are always looking for portfolio-building projects.

7. Stratch 'n dents = great discounts.

Ask about overstocks, cancelled orders or scratch & dent items when looking for office supplies or equipment. You’d be surprised at the deals you may be able to negotiate with a supplier who would love to offload this type of stock instead of warehousing it or writing it off as a loss.

8. Miles, points or cash?

Before signing up for a business credit card, do your homework and think about your company’s overall needs. For example, if your business normally pays card balances in full each month, then you may wish to pay less attention to the interest rate and more attention to the rewards program. Would earned sky miles offset a large travel expense? Or are cash back rewards a better way to fund other company needs? Determining how to make your business credit card do more can give your bottom line a real boost.

9. Understand the value of money.

Unless your suppliers and creditors offer incentives for early payment, it’s in your best financial interest to pay your bills as late as possible (without incurring late fees of course). Every day that every dollar stays in YOUR bank account means interest earned.

10. Consider a four-day work week.

Summertime is a great time to transition from a five-day to a four-day schedule. Longer summer hours make it easier to handle a longer day/shorter week scenario, and it’s the perfect time of year to enjoy three-day weekends!

11. Barter instead of buy.

The barter system isn’t dead, it’s just been neglected. Small businesses offer the perfect environment to fill each others’ needs without opening the company checkbook.

12. Location. Location. Location.

Take a good look at your office needs. Is it important to have that posh commercial office with the great view or could you get creative with a more cost effective industrial option? Many cities are rehabilitating old manufacturing buildings into new office space – usually located off the main strip and out of the high rent district.

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